(1) (a) There is created an expendable special revenue fund known as the "Olympic and Paralympic Venues Grant Fund." (b) The fund shall consist of: (i) money appropriated to the fund by the Legislature; (ii) money donated to the fund from public or private individuals or entities; and (iii) interest on fund money. (2) (a) The division shall award grants from the fund to a venue operator to provide funding for construction, improvements, and repairs to a venue. (b) The division may request or consider recommendations from the games committee when considering a grant as provided in Section 63G-28-202 and Section 63G-28-204. (3) A venue operator's application for a grant award under this section shall include: (a) the number of venues the venue operator plans to construct, improve, or repair; (b) the venue operator's proposed improvements, repairs, or construction plans for a venue; (c) the estimated cost of the venue operator's proposed improvements, repairs, or construction plans for a venue; (d) any plan to use funding sources in addition to a grant award under this section to construct, improve, or repair a venue; (e) the amount of the requested grant award to fund the construction, improvements, or repairs for each venue; and (f) existing or planned contracts or partnerships between the venue operator and other individuals or entities to complete venue construction, improvements, or repairs. (4) The division may only award and distribute a grant award to a venue operator that submits an application in accordance with Subsection (3). (5) (a) As a condition of an award of a grant, the venue operator shall sign an agreement with the division governing: (i) the venue operator's responsibilities for expending the grant award; and (ii) the division's and the state's right to review and audit the venue operator's use of the grant award and the venue operator's performance under the grant award. (b) The division shall ensure that the agreement contains: (i) a requirement for an annual report and the required contents of the report in accordance with Subsection (6)(b); (ii) a right for the division or the division's designee to visit and inspect the venue as often as needed before, during, and after construction or improvements, or repairs begin or are complete; and (iii) an absolute right for the division, the state auditor, and the legislative auditor to access and audit the financial records relevant to the grant award. (6) (a) A venue operator that receives a grant award under this section may only use the grant award to construct, improve, or repair a venue. (b) A venue operator that receives a grant award under this section shall annually file a report with the division that details for the immediately preceding calendar year: (i) the construction, improvements, and repairs, in process or completed, that were wholly or partially funded by a grant award under this section; (ii) the total dollar amount expended from the grant award; (iii) an itemized accounting that describes how the venue operator expended the grant award; (iv) the intended use for a grant award that has not been expended; and (v) the results of any evaluations of venue construction, improvements, or repairs.
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